If a negotiable instrument is payable on demand, it is overdue:
A) the day after demand for payment has been made in a proper manner and form.
B) 30 days after its date if it is a check.
C) 3 days after demand for payment has been made in a proper manner and form.
D) 60 days after its date if it is a check.

Question

Quizplus · Accepted Answer

If a negotiable instrument is payable on demand, it is overdue (1) the day after demand for payment has been made in a proper manner and form, (2) 90 days after its date if it is a check, and (3) if it is an instrument other than a check, when it has been outstanding for an unreasonably long period of time in light of the nature of the instrument and trade practice.

If a Negotiable Instrument Is Payable on Demand, It Is